Still, the property broker posted a 28.7pc surge in first quarter revenues from house sales, compared with the same three months last year, in its maiden set of financial results following a successful stock market flotation in September.

Foxtons said increased revenues were driven by a higher number of transactions across its 44 sales offices, including five new branches added this year.

Including revenues from its rentals and mortgages business, sales rose 17.9pc to £41.1m in the July to September quarter.

The estate agent said it had used some of the proceeds from the £390m raised in its IPO to pay down its debt, as expected, and that the remainder left the group in a strong cash position "which is not heavily dependent on a recovery in the sales market".